How much money will be taken out of my paycheck from taxes?
W-2 employee that does have an employer that will withhold the required taxes out of the gross wages earnings for each pay period RIGHT.
There are other factors to be considered. How you completed your W-4 when you started working there is a big one. If you only claimed Single/One allowance. show more There are other factors to be considered. How you completed your W-4 when you started working there is a big one. If you only claimed Single/One allowance on that form Boobie might be right.
But how often you get paid is the other factor. He is assuming you get paid every two weeks, which may not be correct.
GO TO www.paycheckcity.com and use the calculator there. Select salary or hourly, use the dropdown menu for your
state, fill in either your hours and pay rate or your salary for the period, and indicate your pay frequency. Also indicate how many allowances you have indicated on your W-4 and have the program calculate.
There's the answer.
If you want to alter the net pay you can recalculate with more or less allowances. You might use the Form W-4 Assistant at that same site to help you determine what you SHOULD show on your W-4 to make sure you break even at the end of the year. You don't want to pay much in taxes next spring, but you shouldn't try to get a big refund by having more withheld from your paycheck now. IRS doesn't pay interest and your bank does, a little.
Babe · 2 years agoSource: answers.yahoo.com
Category: Personal Finance